Considerable market growth in Brazil synthetic rubber market is expected during the forecast period. Brazil is one of the major economies of Latin America. Rising application of synthetic rubber in tiers, consumer electronics is expected to augment the market in the country. Brazil is among the few major economies that registered positive growth in 2019 in vehicle production and registration. As per the National Association of Motor Vehicle Manufacturers, around 2.45 million passenger cars were produced in Brazil in 2019 as compared to 2.38 million in 2018. A growth of 2.6% is registered YoY in 2019 in passenger car production whereas passenger car registration has increased by 7.6% YoY. Moreover, significant expansions by the tire companies have been witnessed in the country. For instance, in April 2019 Sumitomo Rubber Industries Ltd. Started the production of commercial vehicle tires in the country at its Fazenda plant with an investment of $133 million in three years.
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Brazil synthetic rubber market is segmented based on type and end-user. By type, the market is further divided into Styrene Butadiene Rubber, Polybutadiene Rubber, Ethylene Propylene Rubber, Isoprene Rubber, and others. During the forecast period, Styrene-Butadiene Rubber will have a major market share. By end-user, the market is divided into automobile components, industrial application, footwear, household, and others. Other segment includes electronics, aerospace and so other. Automobile and other segments are expected to have a significant market share in the country.
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Brazil Synthetic Rubber Market Segmentation
By Type
· Styrene-Butadiene Rubber (SBR)
· Polybutadiene Rubber (BR)
· Ethylene Propylene Rubber (EPDM)
· Isoprene Rubber (IR)
· Others (Nitrile Butadiene Rubber (NBR), Butyl Rubber (IIR), Chloroprene Rubber (CR))
By End-User
· Automobile Component
· Industrial Application
· Footwear
· Household
· Others (Electronics, Aerospace)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
